Daystar Power, a leading provider of hybrid solar power solutions to businesses in West Africa, has secured a $20 million facility from the International Finance Corporation (IFC) to fund its project pipeline in Nigeria.
Founded in 2017 by Sunrah Ventures, Daystar Power is an off-grid power service provider whose solutions, “Solar-as-a-Service” and “Power-as-a-Service” provide clean and reliable power while significantly reducing overall power costs for clients.
The $20 million facility takes Daystar’s total raised funding to $62 million this year. It comes on the back of a $38 million Series-B fundraise in January to expand across West Africa and a $4 million financing for its Ghanaian subsidiary with DEG.
Following its $38 million Series-B fundraise in January, and a $4 million financing for its Ghanaian subsidiary with DEG, Daystar Power has secured a total of $62 million in financing this year.
Daystar started in Nigeria and now has an active presence in Ghana, Senegal, and Togo, with a representative office in Ivory Coast.
The investment is structured in two parts. The first is a $10 million subordinated loan from the Canada-IFC Renewable Energy Program for Africa and the second is a $10 million local currency loan from IFC.
Daystar is also working with the Canadian-funded IFC program Energy2Equal to close gender gaps and increase women’s participation in the renewable energy sector with a focus on leadership roles and technical positions. IFC will provide the loan to Daystar Power’s Nigerian subsidiary for investing in hybrid renewable energy systems.
Daystar Power plans to expand its installed solar power capacity to 140MW by 2024, growing its client base in the financial services, manufacturing and agricultural sectors. The company currently manages and operates 150 power installations in Nigeria.
What they are saying
Jasper Graf von Hardenberg, CEO and Co-founder of Daystar Power said “This facility is a major milestone for us. The funds will allow us to grow our installed capacity of solar projects and serve more Nigerian businesses in need of clean and affordable power. But we gain more than just capital. IFC brings a wealth of in-depth knowledge of renewable energy projects and project finance in emerging markets. We’re delighted to work with them.”
